TORBEN VOETMANN, PH.D. CURRENT POSITION Finance Scholars Group, Orinda, California Managing Director (2012 Present) PAST POSITIONS Cornerstone Research, San Francisco, California Principal (2002 2012) The Wharton School, Philadelphia, Pennsylvania Visiting Professor (1998 2004) Equitable, San Francisco, California Agent (1994 1995) EDUCATION AND PROFESSIONAL CERTIFICATION Ph.D., Finance, Copenhagen Business School, 2000 MS, Finance, Aarhus School of Business, 1993 BBA, Aarhus School of Business, 1991 Financial Management Association, Western Finance Association PROFESSIONAL EXPERIENCE Cornerstone Research Principal Provided consulting support on economic and finance issues related to securities, valuation, mergers and acquisitions, asset pricing, portfolio management, bankruptcy and breach of fiduciary duty. Supervise large teams supporting multiple experts. Develop valuation models, and conduct econometric analysis and research. Consult in all aspects of the litigation process including deposition and trial Case experience includes, for example: Assessed economic losses and loss causation for companies and investors in a range of industries, including banking, finance, real estate, oil and gas, software, media and telecommunications, retail, pharmaceuticals, biotechnology and transportation; Analyzed market timing in large mutual fund families;
Examined the relationship between public information and stock returns; Analyzed the relationship between parent company and tracking stock returns; Analyzed and valued employee stock options; Conducted analyses of the market impact of short sales; Valued cash flows from structured transactions using Monte Carlo techniques; Valued companies using DCF models and multiples; Analyzed proxy disclosures and valuation of target companies in M&A matters; Applied academic research in behavioral finance in analysis of market efficiency; Analyzed materiality of information in securities matters related to the credit crisis; Analyzed the investment and optimization process of portfolio managers; Performed event studies to analyze premium and fairness of the exchange ratio in mergers and acquisitions in the telecom sector; Analyzed the reaction of the defendant s stock price to information disclosures in 10(b)-5 and Section 11 classes; Analyzed portfolio rebalancing using a database with more than three million mutual fund transactions. Led a training program on equity valuation using Excel and a training session on cost of capital for advanced analysts and developed training modules for analysts and associates. The Wharton School Visiting Professor Corporate Finance: Undergraduate level, Graduate level, Honors section. Security Analysis (Valuation): Undergraduate and Graduate level. Equitable - Agent Sold financial products such as life insurance, annuity contracts, and health policies. HONORS The Dean s Office of the Wharton School has officially recognized my teaching efforts for the course Security Analysis in the fall of 2000 and for the course Corporate Finance in the Spring, 2001. TESTIMONY EXPERIENCE Charles P. Haggarty and Gina M. Haggarty et al. v. Wells Fargo Bank, N.A., Case No. 3:10-cv- 02416-CRB. Declaration August, 2012. Munoz v. China Expert Technology, Inc., Case No. 07-CV-10531 (AKH)(S.D.N.Y.). Report February, 2012 and Deposition, March 2012. Resume of Torben Voetmann, Ph.D. Page 2 of 5
PUBLICATIONS Discussion of the Pre and Post-Tax Discount Rates and Cash Flows: A Technical Note, co-author Jan Jindra, Journal of Applied Research in Accounting and Finance (JARAF), 2010, Volume 5, No. 1, pp. 16-20, 2010. Event Studies, co-author Simon Benninga, chapter in Financial Modeling, 2008, 3 rd Edition. A New Approach for Interpreting Long-Run Returns, Applied to IPO and SEP Stocks, co-author Jan Bo Jakobsen, Annals of Economics and Finance, 2005, Volume 6, pp. 337-363. Top executive turnovers: Seperating decision and control rights, co-author Robert Neumann, Managerial and Decision Economics, 2005, Volume 26, pp. 25-37. Demand Curves for European Stocks Slopes Down Too: Evidence from Float Capitalization Index Weights in Dow Jones STOXX 50, co-author Robert Neumann, Review of Finance (formerly European Finance Review), 2003, Volume 7, pp. 437-457. Does Ownership Matter in the Presence of Strict Anti-Activism Legislation? Evidence from Equity Transactions in Denmark, co-author Robert Neumann, International Review of Financial Analysis, 2003, pp. 157-171. Post-Acquisition Performance in the Short and Long Run: Evidence from the Copenhagen Stock Exchange 1993 1997, co-author Jan Jakobsen, European Journal of Finance, 2003, Volume 9, pp. 323-342. Free Float Index Weights of KFX Experiences from the Dow Jones Europe STOXX Index, coauthor Robert Neumann, Finans/Invest, May 2001, pp. 23-27. The Performance of Danish Bidding Firms, co-author Jan Jakobsen, Finans/Invest, December 2000, pp. 10-13. Institutionelle og strategiske investorers betydning: resultater fra 29 meddelelser, co-author Robert Neumann, Finansielle splinter, 2000, pp. 65-71. CEO Turnovers and Corporate Governance, co-author Robert Neumann, Finans/Invest, December 1999, pp. 20-23. Are the Stock Markets Integrated or Segmented? Finans/Invest, April 1992, pp.23-25. WORKING PAPERS Reverse Mergers: The Chinese Experience, co-author Jan Jindra and Ralph A. Walkling, First draft July 2012. Submitted for review. An Exploration of the Listing Effect in Takeover Returns, co-author Jeffrey Jaffe, Jan Jindra, and David Pedersen. Resume of Torben Voetmann, Ph.D. Page 3 of 5
Skill in Corporate Acquisitions, co-author Jeffrey Jaffe and David Pedersen, The Rodney L. White Center for Financial Research, previously circulated under the title Mergers and Persistence: A Test of Differential Skill in Corporate Finance, First draft October 2008. Last revised July 2009. Changes in the Bid-Ask Components Around Earnings Announcements: Evidence from the Copenhagen Stock Exchange, First draft May 1999. Last revised October 1999. CONFERENCE (ACCEPTED PAPER) Financial Management Association, Skills in Corporate Acquisitions, October 2009, Reno, Nevada. Eastern Finance Association Conference, Mergers and Persistence: A Test of Differential Skill in Corporate Finance, May 2009, Washington, D.C. Mid-Atlantic Research Conference in Finance (MARC), Mergers and Persistence: A Test of Differential Skill in Corporate Finance, March 2009, Philadelphia, Pennslyvania. Financial Management Association Implementing Float Capitalization Index Weights Price and Volume Effects, October 2002, San Antonio, Texas. European Financial Management Association Implementing Float Capitalization Index Weights Price and Volume Effects, June 2002, London, United Kingdom. Financial Management Association, Implementing Float Capitalization Index Weights Price and Volume Effects, June 2002, Copenhagen, Denmark. Financial Management Association, Volatility-Adjusted Performance: An Alternative Approach to Interpret Long-Run Returns, October 2001, Toronto, Canada. Financial Management Association International, Does Ownership Matter in the Presence of Strict Anti-Activism Legislation? Evidence from Equity Transactions in Denmark, June 2001, Paris, France. European Financial Management Association, Volatility-Adjusted Performance: An Alternative Approach to Interpret Long-Run Returns, June 2000, Athens, Greece. Financial Management Association International, Volatility-Adjusted Performance: An Alternative Approach to Interpret Long-Run Returns, June 2000, Edinburgh, Scotland. European Finance Association Annual Meeting, CEO Turnover and Corporate Governance: Evidence from the Copenhagen Stock Exchange, August 1999, Helsinki, Finland. Workshop on Corporate Finance, Volatility-Adjusted Performance: An Alternative Approach to Interpret Long-Run Returns, Copenhagen, May 1999, Copenhagen, Denmark. Resume of Torben Voetmann, Ph.D. Page 4 of 5
Financial Management Association International, Post-Acquisition Performance in the Short and Long Run: Evidence from the Copenhagen Stock Exchange 1993-1997, June 1998, Barcelona, Spain. OTHER ACTIVITIES Designed, developed, and instructed an executive course titled Financial Modeling for Corporate Finance for Financial Modeling World, Australia, 2002. Designed, developed, and instructed an executive course title Financial Modeling in Excel and Security Analysis for FT New York Institute of Finance, 2001-2002. Expert consultant on the development of the web-based course Business Valuation for FT New York Institute of Finance, 2001. Referee for Journal of Empirical Corporate Finance, and International Review of Financial Analysis. CONTACT INFORMATION Torben Voetmann Managing Director Finance Scholars Group Phone: 925.258.9600 ext. 27 Fax: 925.258.9096 Email: tvoetmann@fsgexperts.com September 2012 Resume of Torben Voetmann, Ph.D. Page 5 of 5
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